In a statement the company said, "We have had an interesting five years in Augusta and are proud of our journalistic success there but financial performance has often eluded us."

Portico Chairman Bill Chapman told the Augusta Chronicle that the publication's financial difficulties were specific to the local economy in Augusta, and not the result of general newspaper industry woes.

Portico is also the parent company of AAN members C-Ville Weekly (Charlottesville, Va.) and Columbia Free Times in South Carolina, both of which are "doing fine," according to Chapman.

Eight full-time employees and two part-time employees will be affected by Metro Spirit's closing.